Board approves sale of 49% in Windstride to GE Renewable R&D; Q2 profit at Rs. 64.49 crore
Powerica's board approved sale of 1,22,500 equity shares of Windstride Power (49% of its paid-up capital) to GE Renewable R&D India; Powerica keeps 51% and Windstride stays a subsidiary.
By ScoutQuest · · 3 min read
- Q2 standalone revenue
- Rs. 764.99 crore
- Q2 profit after tax
- Rs. 64.49 crore
- Windstride stake sale
- 1,22,500 equity shares = 49% of paid-up capital, sold to GE Renewable R&D India; Powerica keeps 51%
Two linked decisions on Windstride
Alongside its September-quarter results, the board approved a change in the shareholding of Windstride Power Private Limited, a subsidiary.
- Sale of 1,22,500 equity shares of Windstride, representing 49% of its paid-up share capital, to GE Renewable R&D India Private Limited.
- From the date of transfer of shares, Windstride ceases to be a wholly-owned subsidiary. Powerica will continue to hold 51% of its equity share capital, and Windstride remains a subsidiary of the company.
- The board also approved a postal ballot notice to seek shareholder approval for granting a loan to Windstride. The notice will be sent to shareholders in due course and shared with the exchanges.
September quarter, standalone (unaudited)
- Revenue from operations: Rs. 764.99 crore, against Rs. 664.65 crore in the same quarter a year earlier.
- Profit before tax: Rs. 88.83 crore, against Rs. 53.19 crore.
- Profit after tax: Rs. 64.49 crore, against Rs. 36.31 crore.
- Earnings per share (face value Rs. 5 each, basic and diluted, not annualised): Rs. 5.06, against Rs. 3.27.
For the six months ended September 30, 2026, standalone revenue from operations was Rs. 1,493.26 crore, profit before tax Rs. 167.86 crore, profit after tax Rs. 124.44 crore and earnings per share Rs. 9.81.
The statutory auditors issued a limited review report with an unmodified conclusion on the standalone results. The comparative figures for the quarter and six months ended September 30, 2025 were approved by the board but were not subjected to review, as the company listed in April 2026 and the quarterly review requirement applied from the quarter ended December 31, 2025.
Where the IPO money stands
The company completed its initial public offer of 2,78,53,058 equity shares of face value Rs. 5 each at an issue price of Rs. 395 per equity share, made up of a fresh issue of 1,77,26,477 equity shares aggregating Rs. 700.00 crore and an offer for sale of 1,01,26,581 equity shares by selling shareholders aggregating Rs. 400.00 crore. The shares were listed on NSE and BSE on April 2, 2026.
- Gross proceeds of the fresh issue: Rs. 700.00 crore; net proceeds after issue expenses: Rs. 661.51 crore.
- Utilised up to September 30, 2026: Rs. 554.30 crore; unutilised: Rs. 107.21 crore.
- Of the objects, prepayment or repayment of certain outstanding borrowings of Rs. 525.00 crore was fully utilised. Under general corporate purposes, Rs. 29.30 crore of the Rs. 136.51 crore earmarked has been used.
- Of the unutilised amount, Rs. 107.20 crore is temporarily held in fixed deposits and Rs. 0.01 crore in the company's monitoring account.
The board also took on record the statement of deviation or variation on IPO fund utilisation for the quarter ended September 30, 2026.
Balance sheet snapshot (standalone)
- Total assets: Rs. 3,085.95 crore as at September 30, 2026, against Rs. 3,749.65 crore as at March 31, 2026.
- Non-current borrowings: Rs. 15.89 crore, against Rs. 485.76 crore as at March 31, 2026; current borrowings: Rs. 18.92 crore, against Rs. 67.45 crore.
- Cash and cash equivalents: Rs. 40.07 crore, against Rs. 57.06 crore as at March 31, 2026.
Other board items
- Amendments to the policy on code of conduct for regulating, monitoring and reporting of trading by insiders and their immediate relatives, and to the policy on code of practices and procedures for fair disclosure of unpublished price sensitive information. Both amended policies are available on the company's website.
- Authorisation of Mr. Jai Ram Oberoi (Whole-time Director), Mr. Ritesh Kumar Agrawal (Group Chief Financial Officer) and Ms. Anita Renuse (Company Secretary and Compliance Officer) for making disclosures and update intimations with the stock exchanges.
- Press release and investor presentation dated November 05, 2026 on the results were also enclosed with the update.
Also from Powerica
Sale of 49% of Windstride to GE Renewable R&D; Windstride to stay a subsidiary
5 Nov 2026
Board approves Q2 results, sale of 49% in Windstride to GE Renewable and loan to subsidiary
5 Nov 2026
Board meeting on November 05, 2026 to consider and approve Q2 and H1 FY27 results
29 Oct 2026
More numbers
- Equity shares of Windstride sold1,22,500
- Stake sold in Windstride49%
- Stake retained in Windstride51%
- Revenue from operations, Q2 standalone (Rs. in Crores)764.99
- Profit after tax, Q2 standalone (Rs. in Crores)64.49
- Basic & diluted EPS, Q2 standalone (Rs.)5.06
- Net proceeds of IPO (Rs. in Crores)661.51
- Unutilised IPO net proceeds as at September 30, 2026 (Rs. in Crores)107.21
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